Russian President Vladimir Putin will start a two-day visit to China this week at the invitation of Chinese President Xi Jinping, according to Beijing’s foreign ministry. Foreign ministry spokeswoman Hua Chunying said, ‘The Russian president will be in Beijing from Thursday to Friday (May 16-17)’.
In just six months this is the Russian leader’s second visit to China. According to analysts, Russia is dependent on China as a crucial economic lifeline since the West hit it with unprecedented sanctions.
Despite Western criticism of its close ties with Moscow, China continues to champion its no-limits partnership.
This alliance advantages China with discounted Russian energy imports and access to natural resources, including a steady flow of gas through the Power of Siberia pipeline.
However, this economic cooperation is facing challenges. Under Western scrutiny, Chinese banks are growing wary of potential US sanctions that could restrict their access to the global financial system.
As a result, they have started tightening restrictions on doing business with Russian companies.
According to Chinese customs figures, the trade between China and Russia has enhanced since the Ukraine invasion, which Beijing has never condemned and hit $240 billion in 2023, according to Chinese customs figures.
Chinese exports to Russia dipped in March and April, reversing the earlier surge witnessed at the start of the year. ‘Chinese banks are worried about reputational costs as they seek to avert major sanctions’, said Elizabeth Wishnick, a Senior Research Scientist at CAN.
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